Having a business partner can have a direct impact on how a business operates. For entrepreneurs, the decision of whether to have a business partner or not is also a huge one. On the positive side, having a good partner in running your business can add value to your enterprise. But then again, this comes with risks as well, like ending up with an incompetent partner. Nevertheless, finding a business partner is generally part of growing and expanding a business, which makes it a risk worth taking. Here, we are going to look at some good reasons you would want to consider finding a business partner.

1. New skills at your disposal. Your business partner can bring you new sets of skills you can use to grow your business. This is a chance for you to explore other business opportunities that you wouldn’t be able to succeed in on your own.

2. All new perspective. As a business owner, you would want to keep fresh ideas coming in so you could have more options when you need to make a crucial decision. By bringing in a new partner, you instantly have a different perspective. As they say, decision-making becomes much simpler and easier when there are two or more people involved in brainstorming. You would also appreciate the fact that you can receive feedback from your business partner.

3. Additional motivation. If you are the sole owner of your business, there is a possibility of you getting less motivated to perform well. Of course, you are the one who decides and you are not accountable to anyone. This will change once you let someone make decisions with you. With a business partner, you will remain disciplined because you know that someone’s keeping an eye on you.

4. Keeping objectivity. Business partners spend a lot of time talking about their ideas and how they could make things work for their business. In contrast, if you are alone in running your company, you risk losing objectivity when it comes to planning and implementation. What your business partner will do is evaluate whatever choices you make and address whatever flaws they may find. This is very important as it can keep things in the right perspective.

5. More opportunities to grow your network. Networking plays a very crucial role in the development and success of a business. While your personal network may be enough to boost your business growth, having more connections coming from your business partner will only do good for the business.

Deciding whether to have a partner or not is much like career planning. You have to weigh your options well and see if it’s going to benefit you for the long term. Also, be careful in choosing who you will trust to run your business with you. Remember that whoever you choose to bring in can cause either the success or failure of your business venture.

Author's Bio: 

Cecile Peterkin is a certified career and retirement coach, and a registered member of the Career Professionals of Canada and the International Coach Federation. She is also the Founder and Senior Career Strategist at Cosmic Coaching Centre, provider of career and life management services for middle managers and mid-career professionals across Canada, United States and Europe.